At Amplify Credit Union, we believe that one of the best ways to help small businesses succeed is to ensure they have the credit they need to grow over time. That's why we're offering our Visa® Business Platinum Card to Texas businesses. With improved spending limits and one of the best introductory rates in the state, your business credit card can help you manage your cash flow while also helping you build your business credit score.
What Is a Business Credit Score?
Just as credit unions and banks use individual credit scores to determine how much money an individual can borrow, lenders use business credit scores to determine the creditworthiness of startups and small businesses. Each business has a business credit report that includes factors such as outstanding loan balances, repayment history, and account information. Business credit agencies use this information to generate a business credit score - typically on a 0-100 scale - that identifies how much of a risk these businesses represent to lenders.
Why Does Your Business Credit Score Matter?
For many new businesses, having a healthy credit score can make a big difference when the time comes to secure additional financing. In a recent report, the Small Business Administration identified 'insufficient or delayed financing' as the second-most common reason why small businesses fail. In this same study, they also noted that most decisions below $100k are automated, meaning that the business credit score is the single most important factor when determining terms and rates.
How Can the Visa® Business Platinum Card Help?
Much like personal credit reports, one of the biggest factors for your business credit report is your payment history. Opening a low-APR business credit card allows you to build out your credit history without tacking on unwanted interest or fees in the process. Furthermore, your business credit card can help you manage your cash flow during periods of uncertainty, all while building your business credit history.
At Amplify, we recognize that you have many choices for credit cards. But as your credit union and partner, we're local and will work with you individually to help you reach your business goals.-Bill Ownbey - Branch Manager, Cedar Park
* Subject to credit approval. The creditor and issuer of these cards is Elan Financial Services, pursuant to a license from Visa U.S.A. Inc.